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1 September 2014 Vol 100, No 4 Changes in U.S. Family Finances from 2010to2013:EvidencefromtheSurveyof Consumer Finances Jesse Bricker, Lisa J. Dettling, Alice Henriques, Joanne W. Hsu, Kevin B. Moore, John Sabelhaus, Jeffrey Thompson, and Richard A. Windle of the Board s Division of Research and Statistics, prepared this article with assistance from Sebastian Devlin-Foltz and Jacob Krimmel. The Federal Reserve Board s triennial Survey of Consumer Finances(SCF) collects information about family incomes, net worth, balance sheet components, credit use, and other financialoutcomes. 1 The2013SCFrevealssubstantialdisparitiesintheevolutionof incomeandnetworthsincetheprevioustimethesurveywasconducted,in During the three years between the beginning of the 2010 and 2013 surveys, real gross domestic product grew at an annual rate of 2.1 percent, the civilian unemployment rate fell from9.9percentto7.5percent,andtheannualrateof changeintheconsumerpriceindex (CPI)averaged2.3percent. 3 Althoughaggregateeconomicperformanceimprovedsubstantiallyrelativetotheperiodbetweenthe2007and2010surveys,theeffectonincomesfor different types of families was far from uniform. Several observations from the SCF about familyincomesstandout: 4 Between2010and2013,mean(overallaverage)familyincomerose4percentinreal terms, but median income fell 5 percent, consistent with increasing income concentration during this period(figure 1). Someof the2010to2013growthdifferentialreflectedareturntotrend,afterthecyclical narrowing of the income distribution between 2007 and 2010, when large decreases in top incomes associated with the recent financial crisis reduced mean family income more than median family income. Families at the bottom of the income distribution saw continued substantial declines in average real incomes between 2010 and 2013, continuing the trend observed between the 2007and2010surveys. 5 1 Seebox1, TheDataUsedinThisArticle, forageneraldescriptionof thescfdata.theappendixtothisarticle provides a summary of key technical aspects of the survey. 2 Foradetaileddiscussionof the2010surveyaswellasreferencestoearliersurveys,seejessebricker,arthurb. Kennickell, Kevin B. Moore, and John Sabelhaus(2012), Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances, Federal Reserve Bulletin, vol. 98, pp. A1 A80, 3 ChangesinaggregatestatisticsreportedherearemeasuredfromMarchtoMarchorfirstquartertofirstquarter of therespectivesurveyyears,justpriortothebeginningof thefieldperiodforeachsurvey. 4 Incomeismeasuredfortheyearpriortothesurvey. 5 Theincomemeasureusedtogroupfamiliesfordistributionalpurposeshereandthroughoutmostof thisarticleis basedonthescfconceptof usual income.seebox2, UsualversusActualIncome, foranexplanationand example of why the usual income measure is preferable for grouping families. Note: This article was republished on October 24, Please see the Errata page.

2 2 Federal Reserve Bulletin September 2014 Familiesinthemiddletouppermiddle parts(between the 40th and 90th percentiles) of the income distribution saw little change in average real incomes between2010and2013andthus have failed to recover the losses experienced between 2007 and Onlyfamiliesattheverytopof the income distribution saw widespread income gains between 2010 and 2013, although mean and median incomes were still below 2007 levels. Figure 1. Change in median and mean family incomes, surveys Median The differentials in average -15 income growth between and2013arealsoobservedfor Note: Changes are based on inflation-adjusted dollars. other family groupings in which Source: Federal Reserve Board, Survey of Consumer Finances. large differences in income levels are observed, notably across education groups, by race and ethnicity, homeownership status, and levels of net worth. The improvements in economic activity along with changes in house and corporate equity prices combined to effectively stabilize average and median family net worth(wealth) between 2010 and 2013 after both measures fell dramatically between 2007 and The CoreLogic national house price index increased at an annual rate of 2.0 percent between early2010andearly2013,justbelowtherateof consumerpriceinflation.thevalueof corporate equity holdings, as measured by major stock price indexes, grew at just over a 10 percent annual rate between the two surveys, leading to large inflation-adjusted increases inequityholdings. 6 Thesedifferentialpricetrendshadpredictableeffectsonthedistribution of changes in net worth across the population: Overall,between2010and2013therewaslittlemovementinmedianandmeannet worth,asthemedianfellamodest2percentandthemeanincreasedslightly(figure2). Consistent with income trends and differential holdings of housing and corporate equities, families at the bottom of the income distribution saw continued substantial declines inrealnetworthbetween2010and2013,whilethoseinthetophalf saw,onaverage, modest gains. Ownership rates of housing and businesses fell substantially between 2010 and Retirement plan participation in 2013 continued on the downward trajectory observed betweenthe2007and2010surveysforfamiliesinthebottomhalf of theincomedistribution. Participation rebounded slightly for upper-middle income families, but it did not movebacktothelevelsobservedin2007. Mean 6 Intheyearfollowingthebeginningof the2013survey,betweenmarch2013andmarch2014,thecorelogic national house price index surged 10.9 percent, greatly surpassing the rate of consumer price inflation. In the same period the Standard and Poor s S&P 500 stock price index increased more than 20 percent. These price changes emphasize the need to evaluate SCF findings in the appropriate time frame; both median and mean net worth rose substantially between the beginning of the 2013 survey and the publication of this report.

3 Changes in U.S. Family Finances from 2010 to The value of direct and indirect holdings of corporate equities increased between 2010 and 2013 though the ownership rate fell. The decrease in stock ownership rates was most pronounced for the bottom half of the income distribution. The decrease in ownership rates for housing and corporate equity holdings was concentrated in the bottom and upper-middle parts of the income distribution, though the decrease in business ownership was concentrated among higher-income families. Between 2010 and 2013, interest rates fell on most types of consumer debt: Typical fixedrate 30-year mortgage interest rates fell from 5.3 percent to 3.5 percent, new vehicle loan interest rates fell from 6.5 percent to 4.7 percent, and credit card interest rates fell from 14.3 percent to 11.9 percent. At the same time, debt holdings of families decreased, and many aspects of families debt circumstances improved: Overall, debt obligations fell between 2010 and 2013: Median debt declined 20 percent, and mean debt decreased 13 percent for families with debt. Forthemedianfamilywithdebt, debt burdens also fell between 2010 and 2013: Leverage ratios, debt-to-income ratios, and payment-to-income ratios all fell. The fraction of families with payment-to-income ratios greater than 40 percent declined belowthelevelseenin2001. Muchof thedeclineindebtcan beexplainedbyalargedeclinein the fraction of families with home-secured debt, which fell from 47.0 percent to 42.9 percent, a decline that is only partly explained by the much smaller drop in homeownership. Figure2.Changeinmedianandmeanfamilynetworth, surveys Median Between 2010 and 2013, the fraction of families with credit card debt also decreased. Median and mean balances for families with credit card debt fell 18 percent and 25 percent, respectively, and the fraction of families that pay off credit cards every month increased. The fraction of families considered credit constrained those who reported being denied credit,aswellasthosewhodidnotapplyforcreditforfearof beingdenied declined slightlyfrom28.3percentin2010to27.6percentin2013. Although many measures of debt and debt obligations indicate that debt has fallen, education debt increased substantially between 2010 and Mean Note: Changes are based on inflation-adjusted dollars. Source: Federal Reserve Board, Survey of Consumer Finances.

4 4 Federal Reserve Bulletin September 2014 Income Median and mean inflation-adjusted before-tax family incomes moved in different directionsbetween2010and Overall,medianincomefell5percentbetween2010and 2013, from $49,000 to $46,700(table 1). Mean income increased 4 percent, from $84,100 to $87,200. The decline in median income coupled with the rise in mean income is consistent withawideningincomedistributionduringthisperiod. 8 Over the preceding three-year period, , median and mean income both fell sharply (8 percent and 11 percent, respectively). The changes for both the and periods stand in stark contrast to a pattern of substantial increases in both the median and themeandatingbacktotheearly1990s. 9 Some predictable patterns in income levels across demographic groups are observed in the 2013SCF,andthosepatternsarelargelyconsistentwithpriorsurveys. 10 Acrossagegroups, medianandmeanincomesshowalife-cyclepattern,risingtoapeakinthemiddleage groups and then declining for groups that are older and increasingly more likely to be retired. Income also shows a strong positive association with education; in particular, incomesforfamiliesheadedbyapersonwhohasacollegedegreetendtobesubstantially higher than for those with lower levels of schooling. Incomes of white non-hispanic familiesaresubstantiallyhigherthanthoseof otherfamilies. 11 Incomeisalsohigherfor homeowners than for other families, and income is systematically higher for groups with greaternetworth. 12 Changes in Income by Family Characteristics Changes in median and mean incomes between 2010 and 2013 varied substantially across different types of families, whether grouped by economic characteristics such as income, wealth, and homeowner status, or by purely demographic variables such as age, education, or race and ethnicity. Patterns are generally consistent with the overall widening of the income distribution, as reflected in the differential growth of overall median and mean family income. Foragivenfamily,incomeataparticulartimemaynotbeindicativeof its usual income. Unemployment,abonus,acapitallossorgain,orotherfactorsmaycauseincometo 7 Tomeasureincome,theinterviewersrequestinformationonthefamily scashincome,beforetaxes,forthefull calendar year preceding the survey. The components of income in the SCF are wages, self-employment and business income, taxable and tax-exempt interest, dividends, realized capital gains, food stamps and other related support programs provided by government, pensions and withdrawals from retirement accounts, Social Security, alimony and other support payments, and miscellaneous sources of income for all members of the primary economic unit in the household. 8 Box3, RecentTrendsintheDistributionof IncomeandWealth, discussestrendsinincomeandwealth shares, as measured by the SCF, since Between1992and2007,meanandmedianincomegenerallyincreasedbetweensurveywaves.Meanincome increased, on average, 8.0 percent between survey waves, and median income increased, on average, 4.2 percent between survey waves. The period is the only exception, when mean income fell modestly. 10 Tabulateddatafromthesurveybeyondthatpresentedinthisarticleareavailableatwww.federalreserve.gov/ econresdata/scf/scfindex.htm. This information includes some alternative versions of the tables in this article, including tables that match the structure used in earlier versions of this publication. For those who wish to make further alternative calculations, this website provides a variety of data files as well as access to online tabulation software that may be used to create customized tables based on the variables analyzed in this article. 11 Seetheappendixforadiscussionof racialandethnicidentificationinthescf. 12 Inthisarticle,afamilyisconsideredahomeownerif atleastonepersoninthefamilyownsatleastsomepartof the family s primary residence.

5 Changes in U.S. Family Finances from 2010 to Box 1. The Data Used in This Article Data from the Survey of Consumer Finances (SCF) are the basis of the analysis presented in this article. The SCF is a triennial interview survey of U.S. families sponsored by the Board of Governors of the Federal Reserve System with the cooperation of the U.S. Department of the Treasury. Since 1992, data for the SCF have been collected by NORC, a research organization at the University of Chicago, roughly between May and December of each survey year. The majority of statistics included in this article are related to characteristics of families. As used here, this term is more comparable with the U.S. Census Bureau definition of households than with its use of families, which excludes the possibility of one-person families. The appendix provides full definitions of family for the SCF and the associated family head. The survey collects information on families total income before taxes for the calendar year preceding the survey. But the bulk of the data cover the status of families as of the time of the interview, including detailed information on their balance sheets and use of financial services as well as on their pensions, labor force participation, and demographic characteristics. Except in a small number of instances (see the appendix and the main text for details), the survey questionnaire has changed in only minor ways relevant to this article since 1989, and every effort has been made to ensure the maximum degree of comparability of the data over time. The need to measure financial characteristics imposes special requirements on the sample design for the survey. The SCF is expected to provide reliable information both on attributes that are broadly distributed in the population (such as homeownership) and on those that are highly concentrated in a relatively small part of the population (such as closely held businesses). To address this requirement, the SCF employs a sample design, essentially unchanged since 1989, consisting of two parts: a standard, geographically based random sample and a special oversample of relatively wealthy families. Weights are used to combine information from the two samples to make estimates for the full population. In the 2013 survey, 6,026 families were interviewed, and in the 2010 survey, 6,492 were interviewed. This article draws principally upon the final data from the 2013 and 2010 surveys. To provide a larger context, some information is also included from the final versions of earlier surveys. 1 Differences between estimates from earlier surveys as reported here and as reported in earlier Federal Reserve Bulletin articles are attributable to additional statistical processing, correction of minor data errors, revisions to the survey weights, conceptual changes in the definitions of variables used in the articles, and adjustments for inflation. In this article, all dollar amounts from the SCF are adjusted to 2013 dollars using the current methods version of the consumer price index for all urban consumers (CPIURS). The appendix provides additional detail on the adjustments. The principal detailed tables (tables 1 through 4) describing income, net worth, and asset and debt holdings focus on the percentage of various groups that have such items and/or the median and mean holding for those who have them. 2 Generally, when one deals with data that exhibit very large values for a relatively small part of the population as is the case for many of the items considered in this article estimates of the median are often statistically less sensitive to such outliers than are estimates of the mean. At the same time, means are generally more useful for comparing across population subgroups because every member of the group contributes equally to the overall average. One liability of using the median as a descriptive device is that medians are not additive that is, the sum of the medians of two items for the same population is not generally equal to the median of the sum (for example, median assets less median liabilities does not equal median net worth). In contrast, means for a common population are additive. Where a comparable median and mean are given, the gain or loss of the mean relative to the median may usually be taken as indicative of the relative change at the top of the distribution; for example, when the mean decreases more rapidly than the median, it is typically continued on next page

6 6 Federal Reserve Bulletin September 2014 Box 1. The Data Used in This Article continued taken to indicate that the values in the upper part of the distribution fell more than those in the lower part of the distribution. To provide a measure of the significance of the developments discussed in this article, standard errors caused by sampling and imputation for missing data are given for selected estimates. Space limits prevent the inclusion of the standard errors for all estimates. Although the statistical significance of the results is not directly addressed, the article highlights findings that are significant or are interesting in a broader context. 1 Additional information about the survey is available on the Board s public website at econresdata/scf/scfindex.htm. 2 The median of a distribution is defined as the value at which equal parts of the population considered have values that are larger or smaller. deviatetemporarilyfromtheusualamount. 13 Acrossthedistributionof familiesgrouped by usual income, all but the highest quintile saw declines in median income between 2010 and 2013, with second and third quintiles seeing the largest declines(7 percent and 6 percent,respectively). 14 Medianincomeincreased2percentforthetopincomedecile.Mean income declined strongly for the bottom two quintiles and barely budged for those between the40thand90thpercentiles,whereasthemeanincomeof thetopdecileincreased10percent between 2010 and Nearly all age groups experienced declines in median income, with the exception of families headedbythoseage35to44(6percentincrease)andage65to74(nochange).mean incomesincreased18percentforages35to44and22percentforages65to74.unlikefor median incomes, the mean income of the oldest households increased about 7 percent. For everyagegroup,meanincomesdeclinedbylessthanmedianincomesorrosebymorethan median incomes. Between 2010 and 2013, both median and mean income changes were positively associated with educational attainment. The median income of households with a high school diplomaorlessfellbetween6and9percent,whereasthemeanincomeof thosewithouta highschooldiplomafellmuchmorethanthatof thosewhograduatedfromhighschool(a 17percentdeclineversusa2percentdecline).Themedianincomeof thosewithsomecollege decreased 11 percent, whereas the median income of those with a college degree increased 1 percent. Mean income for those with a college degree increased 5 percent. Over the period, median income for white non-hispanic families decreased modestly, 1 percent, whereas their mean income increased 8 percent. Their incomes in both years were much higher than non-white or Hispanic families, who saw declines in median incomeof 9percentanddeclinesinmeanincomeof 11percent. For homeowners, median income fell 1 percent between 2010 and 2013, while mean income increased 7 percent during this period. Median and mean incomes for renters and other families declined very modestly, 1 percent for both measures. By percentile of net worth measured concurrently in the SCF, both mean and median incomefellforthoseinthebottomthreequartiles,whilebothmeasuresroseforthetop 13 Box2, UsualversusActualIncome, discussesincomevariabilityandtheimplicationsof categorizingfamilies by the two income measures. 14 Eachquintilerepresents20percentof thepopulation.seetheappendixforinformationaboutdistribution group cutoffs.

7 Changes in U.S. Family Finances from 2010 to Box 2. Usual versus Actual Income The income classifier used throughout this report is the Survey of Consumer Finances respondent-reported measure of usual income. This classifier is designed to capture a version of household income with transitory fluctuations smoothed away in order to approximate the economic concept of permanent income. Usual income differs from actual income when the respondent reports that the family experienced a negative or positive income shock that is transitory in nature, say from a temporary unemployment spell or an unexpected salary bonus. Usual income is measured in the survey after actual income has been reported, when respondents were given the option to report their usual income if they believe they experienced a temporary deviation. 1 The fraction of families with actual income deviating from usual income varies over the business cycle, and grouping families by actual income can bias estimates of changes in economic outcomes across groups, particularly in volatile periods. In 2007, 14.4 percent of families reported that their actual income was temporarily below their usual income (figure A). The fraction reporting unusually low income surged to 25.2 percent in 2010 and then fell back to 18.4 percent in Figure A. Families with positive and negative income shocks, surveys Income below usual (negative shock) Income equal to usual (no shock) Income above usual (positive shock) The potential for bias arises because average net worth, portfolio composition, borrowing, and spending behavior for wealthy families with temporarily low incomes are all very different from families whose income is usually lower. Consider, for example, the first quintile of families sorted by actual income. This actual income group includes some families whose income is usually low and some families whose income is temporarily low. In 2007, the fraction of families in the bottom actual income quintile whose usual income would put them in a higher group was 23.5 percent (table B). That fraction surged to 38.8 percent in 2010 before falling back to 31.2 percent in the most recent survey, TableB.Effectofgroupingbyactualincomeonaveragenetworthforbottom20percent, surveys Thousands of 2013 dollars except as noted Percent of families in usually higher income group Average net worth of All families, bottom 20 percent by actual income Families usually in bottom 20 percent Families with income usually above bottom 20 percent continued on next page

8 8 Federal Reserve Bulletin September 2014 Box 2. Usual versus Actual Income continued If families had been grouped by actual income, instead of usual income, the estimates of average net worth would have been severely biased. Looking at all families in the bottom 20 percent by actual income, one would come away with the impression that average net worth increased between 2007 and 2010, from $118,200 to $125,100, before falling to $86,300 in Among those families in the bottom quintile whose income is usually low, average net worth fell from $101,600 to $81,800 between 2007 and 2010, and then fell further, to $64,600 in Grouping families by usual income provides a much more accurate representation of the changes in net worth experienced across income groups. 1 Specifically, after the data on actual income are collected, respondents were asked, Is this income unusually high or low compared to what you would expect in a normal year, or is it normal? If the respondent answered that income was unusually high or low, the follow-up question is, About what would your total income have been if it had been a normal year? quartile. For households in the lowest quartile of net worth, median income declined 7 percent and mean income fell 10 percent. Households in the second and third quartile saw smallerdeclinesinincome(5percentforbothgroupsformedianincome,and3to4percent for mean income, for both groups). However, both mean and median income increased for thetopquartile.forthosehouseholdsinthe75thto90thpercentileof networth,median incomerose10percent,whileitrose5percentforthetopdecile.thelargestincreasewasin meanincomeforthetopdecileof networth,anincreaseof 13percent. Net Worth Median and mean inflation-adjusted net worth the difference between families gross assets and their liabilities were both little changed between 2010 and 2013(table 2). Overall,themediannetworthof allfamiliesfellamodest2percentto$81,200,whilemeannet worth was effectively unchanged at $534,600. In contrast, the 2010 SCF showed dramatic decreasesinmedianandmeannetworthinthe period,whilethe2007survey showedsubstantialincreasesrelativeto Thesepatternsinnetworthoverthepast decadewerelargelydrivenbytheboomandbustinhouseandotherassetprices.thebust, in particular, had a disproportionate effect on families in the middle of the net worth distribution, whose wealth portfolio is dominated by housing. Divergent trends in median and mean net worth over the past few surveys suggest substantial heterogeneity in wealth changesacrossfamilies. 16 The median and mean values of wealth rise systematically with usual income, a relationship reflecting a higher level of saving among higher-income families, and the feedback effect of higherincomesfromtheaccumulatedassets. 17 Medianandmeanfamilynetworthgenerally increasewithage,withaplateauormodestdecreasesfortheoldestagegroupsrelativetothe near-retirement age groups. This pattern reflects both life-cycle saving behavior and a historical pattern of long-run growth in inflation-adjusted wages, as younger cohorts have generally had higher lifetime earnings than preceding cohorts. Wealth shows strong differentials across groups defined in terms of education, racial or ethnic background, and housing status; these differentials generally mirror those for income, but the wealth differences are larger. 15 Betweenthe2004and2007surveys,meannetworthincreased13.0percentandmediannetworthincreased 17.9 percent. 16 Box3, RecentTrendsintheDistributionof IncomeandWealth, discussessharesof incomeandwealth,as measured by the SCF, since Seebox4, SavingBehavior, foradiscussionof patternsof savingbyusualincome,andbox5, Shopping for Financial Services, for a discussion of the resources that families use when making investment and borrowing decisions.

9 Changes in U.S. Family Finances from 2010 to Table 1. Before-tax median and mean family income, by selected characteristics of families, 2010 and 2013 surveys Thousands of 2013 dollars except as noted Median income Mean income Family characteristic Percent change Percent change All families (.6) (.6) (1.2) (1.5) Percentile of usual income Less than Age of head(years) Less than or more Education of head No high school diploma High school diploma Some college College degree Race or ethnicity of respondent White non-hispanic Nonwhite or Hispanic Housing status Owner Renter or other Percentile of net worth Less than Note:Incomeismeasuredfortheyearpriortothesurvey.Seetheappendixfordetailsonstandarderrors(showninparenthesesbelowthefirst rowofdataforthemeansandmedians). Changes in Net Worth by Family Characteristics Families with higher levels of usual income reported greater levels of net worth, but changes in net worth varied substantially across the usual income distribution. Median net worth decreased between 2010 and 2013 for most usual income groups, falling between 10and17percent,withtheexceptionof thefourthquintile.thoseinthelowestusual income quintile saw small decreases in median net worth(12 percent, from $7,300 to $6,400), but they also saw the largest proportional decrease in mean net worth(21 percent, from $81,800 to $64,600). Households in the second and third quintile of usual income saw large declines in median net worth(10 percent and 17 percent, respectively), as well as mean

10 10 Federal Reserve Bulletin September 2014 Box 3. Recent Trends in the Distribution of Income and Wealth Income inequality, particularly the share of income received by the top 1 percent of the income distribution, has received increased attention in recent years. 1 The Survey of Consumer Finances (SCF) is uniquely capable of contributing to our understanding of trends in income and wealth inequality because the survey collects data on net worth in addition to income, and it also effectively samples affluent families. 2 Data from the 2013 SCF confirm that the shares of income and wealth held by affluent families are at modern historically high levels. Also, the gains in income and wealth shares have been concentrated among the top few percentiles of the distribution. Contrary to some analysis of Internal Revenue Service data indicating wealth gains are isolated to the top 1 percent, or even 0.5 percent, data from the SCF show that the top few percent of families have experienced rising shares of income and wealth. The share of income received by the top 3 percent of families was 31.4 percent in 2007 but fell to 27.7 percent in 2010 as business and asset income declined particularly sharply in the recession and financial crisis (figure A). Since that time, the income share of the top 3 percent has rebounded, climbing to 30.5 percent in The share of income received by the next highest 7 percent of the distribution (percentiles 90 through 97) has not changed over the past quarter of a century, sitting slightly below 17 percent in 1989 and Correspondingly, the rising income share of the top 3 percent mirrors the declining income share of the bottom 90 percent of the distribution, which fell to 52.7 percent in Figure A. Income shares by income percentile, surveys 75 Top 3 percent Next 7 percent Bottom 90 percent Changes in the shares of wealth held by different segments of the wealth distribution have been less cyclical than income. The wealth share of the top 3 percent climbed from 44.8 percent in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013 (figure B). As with income, the shares of wealth held by the next 7 highest percent of families changed very little, hovering between 19 and 22 percent over the past 25 years, and registering 20.9 percent in Similar to the situation with income, the rising wealth share of the top 3 percent of families is mirrored by the declining share of wealth held by the bottom 90 percent. The share of wealth held by the bottom 90 percent fell from 33.2 percent in 1989 to 24.7 percent in continued on next page

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